HomeTraq University

Can you schedule a showing for a home in Pending status?  Does the Under Contract status mean that there is a chance the current offer on a home may fall through?  Will the seller consider a back up offer from you in the case that the current buyer is unable to sell their current home soon?  These are all fantastic questions and each property status requires these questions to be addressed in different possible ways.  Every professional industry has its own language, and real estate is no exception.  There are probably more terms and acronyms in the housing and mortgage businesses than most.  When you are viewing real estate properties online you undoubtedly will start noticing different property statuses and wonder what each one means.  While a local professional will always be the most beneficial to help navigate each situation, the following are the definitions of statuses according to the local MLS (multiple listing service) to give some ba...

When you speak to an agent at an open house, call an agent for more information about a house, or ask an agent to show you a home, you might be opening a can of worms for yourself if you don't intend to buy a home through any of these agents.  Don't make the mistake of leading an agent on, even unintentionally, because it can come back to bite you. The real estate agent and brokerage who have a home listed for sale represent the seller and that person's best interests.  The listing agent is contractually obligated to report to the seller all activity & material facts they learn about the local market and potential buyers.   Learn about the easiest, fastest way to tour a home quickly without having to find or commit to an agent.    While all  licensed real estate agent   agents have an ethical responsibility to be truthful and not mislead anyone they also aren't necessarily able to advocate for someone they are not representing.  ...

Many buyers wonder if the listing agent of a home they are interested in will show the home to them. The answer is "yes", as the listing agent is obligated to show his or her client’s home. A listing agent is hired by the seller to work 100% for the seller’s best interests.   Additionally some buyers wonder if they can save some money by going directly to that seller's agent to buy the home.   On the surface, the thought of cutting out the "middleman (a buyer's agent)" may sound like a way to save time and money.   While it may save time, the buyer will NOT save money on that specific purchase transaction.   What many potential buyers DO NOT realize is that  the buyer’s agent commission is determined by the seller.   The listing-side AND buyer-side commission i s set once a property is listed with an agent.  The seller negotiates the total commission they will pay for the home to be sold which includes the portion to be ...

Coming Soon listings continue to become more common as the local housing inventory tightens.  It causes concern among buyers, sellers and real estate professionals.  It has prompted real estate commissions across the country to issue guidance on the topic. Here’s what you need to know to keep informed and to understand all sides of the equation. What’s a Coming Soon listing? A Coming Soon listing refers to a property that is not available for showing or sale until a later date. “Coming Soon” can be a legitimate advertising technique, allowing the owners more time to complete repairs, pack, or otherwise prepare the property for showing or sale. A legitimate Coming Soon listing should truly be unavailable for purchase or showing. Should you be concerned about buying a Coming Soon listing? Listing agents can stir up pre-market excitement by listing a home as Coming Soon. The idea is since there are very few homes for sale, a new listing that is not yet a...

You can call the selling agent to setup an appointment to view a home, but not having your own representation could be tricky... Many home buyers aren’t aware of agency disclosure, nor understand the concept of a buyer’s agent and seller’s agent.  Many times the first agent a home shopper is exposed to is the "listing agent" of a home found online or the agent he/she meets at an open house. Last year, 63% of home shoppers walked through a home they were interested in after viewing it online.  When it is time to tour or inquire about a home, it seems like an easy solution to direct questions to the seller’s agent — but this presents an immediate conflict of interest.  A real estate agent’s loyalties and responsibilities change depending on who the agent is talking to.  Here’s a quick summary of roles an agent can play in any one transaction. The listing agent The listing agent or seller’s agent works for the seller and represents their interests in the sale. Th...